COVID-19 has affected all sectors of business and industries, with its effects resuming back to normal Medical Billing has its own share of challenges and most of them are considering outsourcing as an option to overcome the on-going effects and increase revenue with a stress-free billing process. Let us look into detail on how Outsourcing Revenue Cycle Management can help Medical Billing with the current challenges.
Benefits of Outsourcing Medical Billing
Owing to the deadly pandemic, Medical Billing Companies are facing steep financial challenges. Joining hands with a reliable billing expert can help cut down expenses without compromising on the quality of work. Partnering with an offshore-based billing company helps in various ways like:
Reduced Overhead Cost
Outsourcing your medical billing can help reduce your cost on expenses like recruitment, training billers and coders. An established Medical Billing company that has been in the industry for more than 2 decades will have the best staff onboard to ensure their reputation through quality work. This helps you with the best staff to work on your billing process with less investment. They can also help reduce your cost of expenses on the infrastructure, software, and other overhead expenses.
Training and Refresher session
Keeping your billers and coders abreast on the constant changes can be difficult with the limited staff within in-house. A Medical Billing Company with more than 1000 people can run training and refresher sessions in batches without affecting the daily workload. Regular training helps the billing and coding staff keep atop of the ongoing industry-based changes and client-specific updates to avoid claim denials and rejections
Increased First Pass Rate
Regularly trained and skilled staffed ensure to handle each claim efficiently to ensure first-pass rate resulting in increased collections. They also keep a track of claims submission and follow-up regularly until it is paid. They ensure to re-appeal on the low paid or rejected claims ensure maximum monthly collections.
Increased collections
Inefficient billing, erroneous claims submission, not keeping a track of the denied claims, missed A/R follow-up, etc. can drastically affect the revenue and monthly collection of your end client. Medical Billing Company with experienced billers and coders providing quality work will eradicate all of the above ensuring maximum reimbursement.
Effective A/R Follow up:
A/R Claims aging over 90days can lead to revenue loss if not worked out on a timely basis. Research proves that more than half of the revenue loss is due to inappropriate follow-up on denials and rejected claims. Your offshore billing partner can help follow up on these Old AR claims on a timely manner to ensure every dime is reimbursed.
Inadequate staff and absenteeism issues
Outsourcing Medical Billing can also help on the areas like staff absenteeism, attrition, etc. avoiding billing interruption and to keep up your billing cycle within the Timely Filing limit (TFL)
Looking for the Right Time to Outsource?
Considering to outsource your medical billing to an offshore-based billing company could be a tough decision. If you are waiting for the right time to outsourcing the read below to make a quick decision:
Does your current billing team provide you with a monthly report on the status of the claims?
The report should give you an overall number on the total number of claims received, submitted and paid. An established medical billing partner will provide you with a through reporting on a weekly and monthly basis to help you do a self-analysis on your financial performance.
If your answers to the below questions are “Yes” then it is the right time for you to outsource
- Do you struggle with keeping up your billing standards?
- Is your denial percentage increasing day by day?
- Do you find it difficult to get and maintain experienced and affordable staff?
- Do you find it difficult to keep your billers and coders keep updated with the constants updates and compliance policies?
About e-care
e-care is one of the top medical billing companies in India providing complete medical billing and coding services. With over 20 years of experience and expertise in 30+ billing software, e-care can start servicing you anytime. As part of our Business Continuity plan e-care has a Disaster Recovery Center that operates even during emergency situations. To know more about our services log on to Offshore Medical Billing Company | E-care India